The Biden administration aims to promote “a different set of goals” with its trade policy, with an emphasis on engagement and supply chain resilience, U.S. Trade Ambassador Katherine Tai said. Tai insisted that with more economies, including the United States, grappling with domestic challenges and protectionism, “the goal is no longer to liberalize for liberalization’s … Read More
The difference between an undergraduate international trade economics class and a graduate-level class, is that an undergraduate economics class they teaches you that the ideal level of tariffs for any country is zero. Free trade rules! But in a graduate-level class, they teach you that tariffs can help a nation maximize its national income. What … Read More
U.S. textile production is the foundation of our Western Hemisphere textile and apparel co-production chain, responsible for over 500,000 U.S. jobs. Domestic producers are a critical part of the military’s warm industrial base, supplying over 8,000 items of mission critical gear and clothing annually to our war fighters, and are an essential component of U.S. … Read More
None of England’s colonies has accepted the policy of free trade, while one half of her own people are decidedly in favour of some form and measure of protection. As for our own country, where opinion has always been preponderantly protectionist, free trade is under a sentence of death which will be executed the moment … Read More
Republican lawmakers accused a Chinese auto-parts maker of a “blatant” effort to evade US tariffs in the latest sign of rising pressure in Washington to limit China’s growing presence in the car business. Calling the alleged violations a threat to national security, the legislators demanded Department of Homeland Security Secretary Alejandro Mayorkas investigate Qingdao Sunsong … Read More
The India Shrimp Tariff Act raises U.S. tariffs to be equivalent to subsidies received by the Indian shrimp farming industry. India is the world’s top shrimp exporter, accounting for roughly 40 percent of U.S. shrimp imports, largely due to massive state subsidies. “We wholeheartedly support Senator Cassidy’s effort to deploy import tariffs on Indian shrimp … Read More
Former Senator Phil Gramm’s recent WSJ opinion article “Trump’s Trade Was Was a Loser” gets many things wrong about U.S. trade policy. Concerningly, Mr. Gramm makes numerous statements, representations, and conclusions without supporting facts and documentation. His views are nevertheless flawed and dangerously misleading. As such, it is necessary to examine the facts and historical … Read More
Conversations about “trade” must encompass the national interest, broadly drawn, rather than a narrow set of economic parameters. Like “the business of America is business,” free traderism is a model, an ideological statement of how the world ought to be—“business” or “trade” abstracted from specifics or political context. It cannot guarantee that improvements in one … Read More
Emphasising that a self-reliant India should not be mistaken as “economic protectionism,” external affairs minister S Jaishankar has said India is open to collaborations but on its terms, on its strategic pathways. “That is one of the differences today in India. We speak today of a self-reliant India.” Read the article.
Our model finds that increasing tariffs on imports from China to the Column 2 rate would increase real household incomes by $3,647, or 4.9%, and create 2 million new jobs. In 2022, the $382.9 billion trade deficit with China accounted for 32% of the $1.19 trillion total U.S. trade deficit. As our research shows, this … Read More
